There are many people who could benefit from buying a new home but are staying put because of misconceptions they have about the home buying process. You may think that you could never qualify for a mortgage or that the whole process is just too overwhelming to deal with, but a new house could actually be within your reach. Don’t let myths about house buying keep you out of a great new home. Here are the real stories behind some common house-buying myths:
I Need a Huge Down Payment to Buy a House
The more money you put down on your house, the less your monthly payment will be. However, that doesn’t mean that you have to have a down payment of 20 percent or more to get in a new home. There are mortgages available that require little to no down payment and assistance programs that can help you come up with upfront cash. A lack of a substantial down payment doesn’t have to keep you out of a new home.
It Is Cheaper to Rent
In most cases, owning a home is a better deal than renting. Mortgage payments are often comparable to rent prices—and even cheaper sometimes. There are also tax advantages that come from home ownership that you can’t claim as a renter. An added bonus of home ownership is that your mortgage payment stays static over the life of your loan, while rent typically increases annually. This consistent payment plan makes it easier to budget, since you don’t have to worry about any surprises around the corner.
Buying a New Home is Too Complicated
There is certainly some paperwork involved in buying a new home, but it is more time-consuming than complex. Once you complete your mortgage application and gather the necessary financial documents, all you have to do is wait for your loan and go shopping for your home.
Century Communities is dedicated to making the buying process as simple as possible. With new single family and townhomes around the Denver metro, we’re sure to have the right property for you. Email us or visit our website to find out more.